Bitcoin Price May Need to Drop to $59,000 for Mid-to-Long-Term Bottoming Phase

A recent analysis by CryptoQuant has revealed that Bitcoin's price may need to drop to $59,000 before entering a mid-to-long-term bottoming phase.

The model, which takes into account Bitcoin's current circulating supply, suggests that the bottom formation is not a short-term process and will likely take around six months to complete.

Despite recent price increases, the analyst emphasized that genuine demand is driving market stabilization, rather than sentiment or local rebound.